External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Pakistan car sales (as reported by PAMA) touched 18 months high, recording sales of 13.3k units in Jun-2024, up 21% MoM and 120% YoY.</li><li>In volumetric terms, MoM jump in car sales is primarily due to an increase in the sales of Indus Motors (INDU) up 44% MoM to 2,957 units and Pak Suzuki (PSMC) up 15% MoM to 6,885 units in Jun-2024.</li><li>Hyundai Nishat Motor recorded sales of 1,059 units (up 55% MoM) and Sazgar Engineering (SAZEW) recorded sales of 871 units (up 12% MoM). However only Honda Atlas Cars (HCAR) recorded sales of 1,095 units which is down 8% MoM in Jun-2024.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan car sales (as reported by PAMA) touched 18 months high, recording sales of 13.3k units in Jun-2024, up 21% MoM and 120% YoY.In volumetric terms, MoM jump in car sales is primarily due to an increase in the sales of Indus Motors (INDU) up 44% MoM to 2,957 units and Pak Suzuki (PSMC) up 15% MoM to 6,885 units in Jun-2024.Hyundai Nishat Motor recorded sales of 1,059 units (up 55% MoM) and Sazgar Engineering (SAZEW) recorded sales of 871 units (up 12% MoM). However only Honda Atlas Cars (HCAR) recorded sales of 1,095 units which is down 8% MoM in Jun-2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Car Sales Touched 18 Months High at 13.3k Units (As Reported by PAMA) In Jun-2024

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 9.4K units down 3% MoM and 1% YoY in Mar-2024. Including Non-PAMA members car sales clocked in at ~10.5K down 3% MoM while up 1% YoY in Mar-2024.</li><li>Honda Atlas Cars (HCAR) recorded strong growth of 44% MoM and 162% YoY to 2,188 units in Mar-2024 due to the low base effect as company shut down its plant during the same period last year.</li><li>However, Pak Suzuki (PSMC) and Indus Motors (INDU) both recorded 16% MoM fall in car sales in Mar-2024. Hyundai Nishat Motor recorded sales of 582 units, down 30% YoY while up 3% MoM.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan car sales (as reported by PAMA) clocked in at 9.4K units down 3% MoM and 1% YoY in Mar-2024. Including Non-PAMA members car sales clocked in at ~10.5K down 3% MoM while up 1% YoY in Mar-2024.Honda Atlas Cars (HCAR) recorded strong growth of 44% MoM and 162% YoY to 2,188 units in Mar-2024 due to the low base effect as company shut down its plant during the same period last year.However, Pak Suzuki (PSMC) and Indus Motors (INDU) both recorded 16% MoM fall in car sales in Mar-2024. Hyundai Nishat Motor recorded sales of 582 units, down 30% YoY while up 3% MoM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Automobiles - Pakistan Car Sales at ~10.5k Units in Mar-2024 Down 3% MoM

Equity Bottom-Up

<ul><li>Millat Tractors (MTL) conducted its corporate briefing session today, where the management discussed the financial performance and the future outlook of the company.</li><li>MTL sold 18,622 tractors in FY23 and is targeting to sell 26,000-30,000 tractors in FY24.</li><li>Management highlighted that the 47% YoY decline in volumetric sales in FY23 is 18.6k units from 35k units in FY22, was attributed to the catastrophe caused by the floods in Pakistan.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Millat Tractors (MTL) conducted its corporate briefing session today, where the management discussed the financial performance and the future outlook of the company.MTL sold 18,622 tractors in FY23 and is targeting to sell 26,000-30,000 tractors in FY24.Management highlighted that the 47% YoY decline in volumetric sales in FY23 is 18.6k units from 35k units in FY22, was attributed to the catastrophe caused by the floods in Pakistan.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Flash Note: Millat Tractors Limited (MTL): Corporate Briefing Key Takeaways

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 6.2K units down 26% MoM and 54% YoY. Including Non-PAMA members car sales clocked in at ~7K down 26% MoM and 53% YoY.</li><li>MoM decline in car sales is due to disruptions in supply chain followed by lower demand. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.</li><li>In 4MFY24 PAMA car sales recorded at 27,163 units down 44% YoY compared to 48,573 units in 4MFY23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan car sales (as reported by PAMA) clocked in at 6.2K units down 26% MoM and 54% YoY. Including Non-PAMA members car sales clocked in at ~7K down 26% MoM and 53% YoY.MoM decline in car sales is due to disruptions in supply chain followed by lower demand. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers contribute for the decline in YoY sales.In 4MFY24 PAMA car sales recorded at 27,163 units down 44% YoY compared to 48,573 units in 4MFY23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Automobiles - Car Sales at ~7k units in Oct-2023 (including Non-PAMA), down 26% MoM

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 7.6K units up 49% MoM while down 36% YoY. Including Non-PAMA members car sales clocked in at ~9K up 46% MoM.</li><li>The significant MoM jump in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.</li><li>This takes 2MFY24 sales to 12,671 units down 47% YoY compared to 23,714 units in 2MFY23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan car sales (as reported by PAMA) clocked in at 7.6K units up 49% MoM while down 36% YoY. Including Non-PAMA members car sales clocked in at ~9K up 46% MoM.The significant MoM jump in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.This takes 2MFY24 sales to 12,671 units down 47% YoY compared to 23,714 units in 2MFY23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Automobiles - Car Sales at ~9k units in Aug-2023 (including Non-PAMA), up 46% MoM

Pakistan

Millat Tractors Limited assembles and manufactures agricultural machinery. The Company offers tractors, engines, movers, trucks, implements, and other related equipment. Millat Tractors serves customers in Pakistan.

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Millat Tractors (MTL PA)

Car Sales Touched 18 Months High at 13.3k Units (As Reported by PAMA) In Jun-2024

Pakistan car sales (as reported by PAMA) touched 18 months high, recording sales of 13.3k units in Jun-2024, up 21% MoM and 120% YoY. In...

Topline Securities

Pakistan Automobiles - Pakistan Car Sales at ~10.5k Units in Mar-2024 Down 3% MoM

Pakistan car sales (as reported by PAMA) clocked in at 9.4K units down 3% MoM and 1% YoY in Mar-2024. Including Non-PAMA members car...

Topline Securities

Topline Flash Note: Millat Tractors Limited (MTL): Corporate Briefing Key Takeaways

Millat Tractors (MTL) conducted its corporate briefing session today, where the management discussed the financial performance and the future...

Topline Securities

Pakistan Automobiles - Car Sales at ~7k units in Oct-2023 (including Non-PAMA), down 26% MoM

Pakistan car sales (as reported by PAMA) clocked in at 6.2K units down 26% MoM and 54% YoY. Including Non-PAMA members car sales clocked in at ~7K...

Topline Securities

Pakistan Automobiles - Car Sales at ~9k units in Aug-2023 (including Non-PAMA), up 46% MoM

Pakistan car sales (as reported by PAMA) clocked in at 7.6K units up 49% MoM while down 36% YoY. Including Non-PAMA members car sales clocked in...

Topline Securities

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